Financial institutions, including savings and loans companies can now contract businesses including pharmacies, hardware stores and telecommunications shops to carry out all types of financial transactions such as transfers, loan payments and credit card payments, deposits and withdrawals, and setting up new accounts.
In a press release issued by the Central Bank, the Monetary Committee says that the measure is designed to provide financial services to parts of the country where there are few or no financial institutions. In addition they say the measure will help people who do not have bank accounts or products to have access to financial products, and will especially help the poor.
The new rule states that financial institutions can contract pharmacies, hotels, bars, telecommunication centers, supermarkets, mini markets, colmados, hardware stores and other commercial establishments to operate as agents for their financial services.
www.bancentral.gov.do/noticias/avisos/bc2013-03-12_Subagentes_Bancarios.pdf
www.bancentral.gov.do/notas_del_bc.asp?a=bc2013-03-12